Share of SOE net profit to be transferred to state budget reduced to 80%

Ukraine's government has reduced to 80% profit deductions from state-owned companies to the national budget.

According to the Ministry of Finance, the Cabinet of Ministers made the move to cut the share from 90% at today's meeting.

"In line with financial and economic performance, starting from January 1, 2020, state-owned enterprises shall transfer to the state budget 80% of net profit instead of a previous 90%," the statement says.

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At the same time, for Energoatom nuclear operator, Lviv International Airport, and Boryspil International Airport, the rate of deduction has been set at 30%.

"Thanks to this decision, business entities of the public sector of the economy will receive more financial resources to channel them to production development. The new provisions will ensure the implementation of state budget revenues in the volumes defined by the law on the state budget for 2020," the ministry reported.

As UNIAN reported earlier, in April last year, the Cabinet of Ministers of Ukraine increased the deductible share of net profits at SOEs from 75% to 90%.